COP28 Sees Climate Disaster Fund Victory

7 Mons Ago
COP28 Sees Climate Disaster Fund Victory

COP28 talks open in Dubai with breakthrough deal on loss and damage fund.

Delegates meeting in Dubai agreed Thursday on the operationalization of a fund that would help compensate vulnerable countries coping with loss and damage caused by climate change, a major breakthrough on the first day of this year’s UN climate conference.

“Today’s news on loss and damage gives this UN climate conference a running start. All governments and negotiators must use this momentum to deliver ambitious outcomes here in Dubai,” said UN climate chief Simon Stiell during a press conference at which the announcement was made.

UN Secretary-General António Guterres also welcomed the agreement to operationalize the fund calling it an essential tool to deliver climate justice. On X, Guterres urged  leaders to support the fund and get COP28 off to a strong start.

The climate disaster fund approved by world leaders will help vulnerable nations cope with the impact of drought, floods, and rising seawater.

The United Nation’s annual climate summit is under way in Dubai, with world leaders approving a climate disaster fund that will see rich nations financially support developing countries who are affected by climate change-linked disasters.

The agreement marked a “positive signal of momentum” at the start of the 2023 conference – known as COP28 – its host UAE’s Sultan al-Jaber said in the opening ceremony.

In opening remarks, al-Jaber made the case that the world must “proactively engage” fossil fuel companies in phasing out emissions, pointing to progress by some national oil companies in adopting net-zero targets for 2050.

“I am grateful that they have stepped up to join this game-changing journey,” al-Jaber said. “But, I must say, it is not enough, and I know that they can do much more.”

Simon Stiell, gave a more stark assessment, saying there must be a “terminal decline” to the fossil fuel era if we want to stop “our own terminal decline”.

With more than 60,000 attendees, the two-week-long affair is billed as the largest-ever climate gathering.

International consensus on a crucial loss and damage fund, to compensate poorer nations bearing the brunt of climate change, has buoyed the spirits of thousands of delegates.

The second day of the summit will be marked by a packed agenda of events aimed at paving the way for a more sustainable future.

The World Leaders Summit is set to take center stage on Friday and Saturday, while a number of other forums and panels will begin.

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